CED - MARA: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CED - MARA
Largest movements
- Cash +€67,450
up €67,450 (+20.8%), from €324,181 to €391,631
mainly Net result for the year (+€110,230) and Depreciation (+€21,249)
- Reserves +€110,200
up €110,200 (+22.1%), from €499,116 to €609,316
- Tax, wage and social debts -€19,804
down €19,804 (-47.3%), from €41,848 to €22,043
- Other debts -€14,776
no longer reported in 2025 (was €14,776)
- Current portion of long-term debt -€9,333
no longer reported in 2025 (was €9,333)
- Debts after one year -€9,333
no longer reported in 2025 (was €9,333)
- Gross operating margin -€122,974
down €122,974 (-39.8%), from €308,726 to €185,753
- Taxes -€39,962
down €39,962 (-43.3%), from €92,266 to €52,304
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €736,514 | €796,774 | +€60,260 | +8.2% |
| Fixed assets | 21/28 | €252,170 | €249,031 | -€3,139 | -1.2% |
| Tangible fixed assets | 22/27 | €252,170 | €249,031 | -€3,139 | -1.2% |
| Land and buildings | 22 | €185,911 | €178,908 | -€7,003 | -3.8% |
| Plant, machinery and equipment | 23 | €24,271 | €38,345 | +€14,074 | +58.0% |
| Furniture and vehicles | 24 | €41,988 | €31,778 | -€10,210 | -24.3% |
| Current assets | 29/58 | €484,344 | €547,744 | +€63,399 | +13.1% |
| Amounts receivable within one year | 40/41 | €58,755 | €54,069 | -€4,686 | -8.0% |
| Trade receivables | 40 | €18,755 | €2,479 | -€16,276 | -86.8% |
| Other amounts receivable | 41 | €40,000 | €51,590 | +€11,590 | +29.0% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €324,181 | €391,631 | +€67,450 | +20.8% |
| Deferred charges and accrued income | 490/1 | €1,408 | €2,044 | +€636 | +45.1% |
| Total equity and liabilities | 10/49 | €736,514 | €796,774 | +€60,260 | +8.2% |
| Equity | 10/15 | €582,258 | €692,488 | +€110,230 | +18.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €499,116 | €609,316 | +€110,200 | +22.1% |
| Distributable reserves | 133 | €499,116 | €609,316 | +€110,200 | +22.1% |
| Profit (loss) carried forward | 14 | €58,142 | €58,172 | +€30 | +0.1% |
| Provisions and deferred taxes | 16 | €75,470 | €75,470 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €75,470 | €75,470 | = | 0.0% |
| Pensions and similar obligations | 160 | €75,470 | €75,470 | = | 0.0% |
| Amounts payable | 17/49 | €78,785 | €28,815 | -€49,970 | -63.4% |
| Amounts payable after more than one year | 17 | €9,333 | - | -€9,333 | |
| Financial debts | 170/4 | €9,333 | - | -€9,333 | |
| Amounts payable within one year | 42/48 | €66,006 | €25,369 | -€40,637 | -61.6% |
| Current portion of amounts payable after more than one year | 42 | €9,333 | - | -€9,333 | |
| Trade debts | 44 | €50 | €3,326 | +€3,277 | +6619.4% |
| Suppliers | 440/4 | €50 | €3,326 | +€3,277 | +6619.4% |
| Taxes, remuneration and social security | 45 | €41,848 | €22,043 | -€19,804 | -47.3% |
| Taxes | 450/3 | €41,848 | €22,043 | -€19,804 | -47.3% |
| Other amounts payable | 47/48 | €14,776 | - | -€14,776 | |
| Accrued charges and deferred income | 492/3 | €3,446 | €3,446 | = | 0.0% |
| Non-recurring operating income | 76A | €16,000 | - | -€16,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,171 | €21,249 | +€3,078 | +16.9% |
| Other operating charges | 640/8 | €4,141 | €6,169 | +€2,027 | +49.0% |
| Gross operating margin | 9900 | €308,726 | €185,753 | -€122,974 | -39.8% |
| Operating profit (loss) | 9901 | €286,414 | €158,335 | -€128,079 | -44.7% |
| Financial income | 75/76B | €4,603 | €4,683 | +€80 | +1.7% |
| Recurring financial income | 75 | €4,603 | €4,683 | +€80 | +1.7% |
| Financial charges | 65/66B | €539 | €484 | -€55 | -10.1% |
| Recurring financial charges | 65 | €539 | €484 | -€55 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €290,479 | €162,534 | -€127,945 | -44.0% |
| Income taxes | 67/77 | €92,266 | €52,304 | -€39,962 | -43.3% |
| Profit (loss) for the period | 9904 | €198,213 | €110,230 | -€87,983 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €198,213 | €110,230 | -€87,983 | -44.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.